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Moody's Investors Service says its rating of BHP Billiton will not be immediately affected by the federal government's proposed mining tax.

Moody's said on Tuesday its A1 senior unsecured rating and Prime-1 short term rating are unaffected by the proposed 40 per cent tax on super profits made by resources companies.

"We believe that BHP Billiton will continue to manage its capital in a prudent manner," Moody's senior vice president Terry Fanous said in a statement on Tuesday.

"As a result of the group's conservative financial practices, we expect credit metrics to remain manageable within the ratings, despite the cash flow reduction associated with RSPT (resources super profits tax)."

It was too early to measure the precise impact of the tax at this point, Moody's said.

If it was applied to BHP's results for the 2008/09 financial year, operating profit would have been 15 to 20 per cent lower and still generating free cash flow, it said.

"The ratings will continue to be supported by BHP Billiton's substantial geographic and product diversity and its global leading positions in metals and bulk commodities, as well as its solid position in petroleum," Mr Fanous said.